2
Number of Accounts Information KDPW Participants (banks and brokers) report the number of operated securities accounts on a monthly basis. The National Depository compiles information about the number of accounts operated by Participants. Data are published including a press release and detailed statistics available on the website www.kdpw.pl

3
Number of Accounts, 2004-2011 The number of securities accounts on the Polish market has nearly doubled in the last eight years. There were over 1,525 thousand accounts at the end of October 2011. The number of accounts has increased by 48 thousand year to date in 2011. The highest monthly increase by nearly 27 thousand accounts took place in June. Source: KDPW, based on information from Participants. For 2004-2010: year- end data; for 2011: end of October data.

4
Big Privatisations Attract New Investors The number of accounts increases sharply at the time of big privatisations. In 2010, the year of big privatisation projects, nearly 350 thousand new accounts were opened. The biggest increase in the number of securities accounts in the past years took place at the time of the IPO of PZU. The number of accounts increased by 140 thousand within one month. Increase in the number of investor accounts resulting from big privatisation IPOs Source: KDPW, companies.

6
Number of Accounts on Other Markets Central Securities Depositories use two approaches to information about the number of securities accounts operated by participants. Some CSDs, including KDPW, collect reports on the number of accounts operated by participants (Lithuania, Latvia, Estonia, Finland, etc.). Other CSDs do not collect such information.

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Securities Accounts: International Comparison Source: ECSDA based on CSD data. End of 2010 data.